Description: This paper assesses the extent to which equity investors were fooled by pension accounting. Simulations show that a failure to differentiate between core and pension earnings induces large valuation errors for many firms, although this pension effect did not materially contribute to aggregate overvaluation before 2000. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: The intent of this paper is to establish a correct balance between company interests in investing pension fund assets in the company's own stock and the prudent requirements of good risk management. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper takes the position that the most significant impact of pension funds on the U.K. economy relates to the costs imposed by extreme mismatching between their financial assets and liabilities. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper examines the use of alternative investments for pension funds in the Netherlands facing the three requirements of minimum funding, solvency, and continuity. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: Panel discussion on inflation's impact on business procedures, contingency plans, long-term benefit levels, and determination of financial reporting items such as future reserves, surplus levels, operating expenses, and net gains. Presented at the Spring 1975 Meeting in Los Angeles.

Description: The objective of this study is to measure the amount of surplus which would be needed by a pension plan to account for the risk of insufficient return on assets. From Current Pension Actuarial Practice In Light of Financial Economics Symposium, M-RS04-1.